Onex Corp. ONEX-T has named Megan McClellan as its next chief financial officer, reaching outside the company to fill the role as long-time finance chief Chris Govan plans to step down in February.
Ms. McClellan will take over from Mr. Govan after Onex releases its 2025 annual results early next year. She will be based in the company’s New York office.
She comes from U.S. asset manager TCW Group, where she was chief strategy officer. She previously spent more than 15 years at JPMorgan Chase & Co., including as CFO of asset management.
Mr. Govan has been CFO of the Toronto-based private equity and credit manager for the past decade, and has worked at Onex for 27 years. He leaves as Onex is working through a turnaround plan under chief executive officer Bobby Le Blanc, focused on selling assets, cutting costs and resetting financial targets.
Of late, that plan has shown signs of progress, most notably with the sale of a 25-per-cent stake in WestJet Airlines to two of the world’s largest carriers for US$550-million.
Onex’s share price has risen nearly 32 per cent over the past six months, to $119.18 at Wednesday’s close on the Toronto Stock Exchange.
The private equity industry has been hobbled by a multiyear drought for deals that has left limited-partner investors clamouring to get cash back and has made it difficult to fundraise for new investments.
Onex’s private equity investments gained 2 per cent in the first quarter of 2025, and 4 per cent in the second quarter.
Ms. McClellan said in a statement she is joining Onex “at a pivotal moment for the business and our industry.”
Onex said in a news release that Ms. McClellan’s approach “combines financial discipline with a growth mindset.”